South Bend steel company invests in rebranded cold mill division
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South Bend-based Steel Warehouse Co. has announced a more than $3.5 million investment in its boutique cold mill division, which has been rebranded as Specialty Strip.
The company said the investment will grow the division by 20% and add 11 new jobs.
Specialty Strip manufactures precision cold rolled strip steel that is used in a variety of industries and applications, including automotive, agriculture, industrial, hand and power tools, and aircraft.
The investment will support the addition of new equipment and technology, a spokesperson for Steel Warehouse told Inside INdiana Business. While no plans are set in stone, the investment could support future building additions as needed.
“We continuously look at reinvesting in our businesses, equipment and people for the benefit of our stakeholders and customers,” Steel Warehouse CEO Ted Lerman said in a news release. “We have been actively planning this rebranding and capital investment over the past several years and are eager to see this vision come to fruition.”
Carl Parker, general manager of the company’s Specialty Steel division, said the investment will set a foundation that allows the company to evolve with the demand of the market and explore long-term growth for Specialty Strip.
The investment we have made provides us with technology that will improve and enhance our product scope and capabilities, helping us gain improved precision, operational efficiencies, consistent product performance and repeatability—all for the benefit of our customers,” Parker said.
The company is also seeking a five-year personal property tax abatement and a six-year real property tax abatement for the project from the South Bend Common Council.
Specialty Strip is located on the company’s South Bend campus. Steel Warehouse also has operations in Portage, as well as Alabama, Arkansas, Illinois, Ohio, Tennessee, Texas, Wisconsin, Mexico and Brazil.
The company employs more than 1,000 people across its entire footprint.